Global Exchange Trade Group Opens Cyber Security Committee
The World Federation of Exchanges launched a cyber security committee to collaborate on finding the most effective ways to protect the global capital markets from cyber crime, Reuters reports.
The Cyber Security Working Group will be chaired by Mark Graff, chief information security officer at Nasdaq OMX Group, and vice-chaired by Jerry Perullo, who heads information security at Intercontinental Exchange Group, and the committee is made up of members from dozens of exchanges and clearing houses, the article says.
In a statement, Graff said “We are tasked with a significant goal: to build universal best practices and partner with third-parties to combat systemic cyber abuse to ensure the resiliency and strength of our capital markets.”
According to the World Federation of Exchanges Office and the research department of the International Organization of Securities Commissions, around half the world’s securities exchanges were the target of cyber-attacks last year. The interconnected nature of the markets creates the potential for widespread systemic impacts, Reuters reports.
In addition to developing cyber security best practices, the committee will focus facilitating information sharing, including threat intelligence, attack trends and useful policies, standards and technologies. According to the article, the committee will also seek to open a dialogue with policy-makers, regulators and government organizations on the cyber threat landscape.